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May 12, 2016, 5:29 a.m. EDT

Japan shares edge up, but most Asian markets slip on earnings concerns

Lower U.S. consumer spending could impact Asian manufacturing

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By Dominque Fong


Reuters
Employees work at a Nissan assembly plant in Iwaki City, Japan. Nissan shares dipped Thursday as the company takes a big stake in Mitsubishi.

Asian shares slipped Thursday except in Japan, where some solid earnings helped stocks notch gains.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.18%   finished with a 0.4% gain, while Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.26%  lost 0.1%, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.32%  shed 0.2% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.47%   sank 0.8%. The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +2.07%   was little changed.

An overnight rebound in oil prices did little to boost lackluster trading across the Asia-Pacific region. Investors were disappointed by recent weak earnings in the U.S., where hopes had been building for a revival in consumer spending to lift the broader economy.

“The Asian market is following after the U.S. market yesterday,” said Alex Wijaya, a senior sales trader at CMC Markets in Singapore. “Analysts are mainly looking to consumer spending, labor and inflation data, so weaker earnings from Macy’s and Disney are weighing on markets in general.”

In Japan, a batch of solid earnings in the afternoon offset weak corporate results earlier in the day. Fuji Heavy Industries /zigman2/quotes/203522406/delayed JP:7270 +0.28%  , the maker of Subaru cars, gained 3.7% after posting stronger profit growth for the year ended March.

Shares of Nissan Motor /zigman2/quotes/208298710/delayed JP:7201 +1.32%   were down 1.4% as investors weighed its proposal to buy 34% of Mitsubishi Motors for ¥237.4 billion ($2.18 billion). The deal would make Nissan the largest shareholder of Mitsubishi Motors /zigman2/quotes/202404490/delayed JP:7211 0.00%  .

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In China, investors were concerned about increased regulatory scrutiny of the initial-public-offering process. The China Securities Regulatory Commission said it would change delisting rules to better protect investors, according to the official Xinhua News Agency.

More companies recently have been going public in China by combining with already-listed shell companies, a process known as “backdoor listing.” Shares of two possible takeover targets — Zhejiang Mizuda Printing & Dyeing Group Co. /zigman2/quotes/203864869/delayed CN:002034 +0.70%   and Citic Guoan Information Industry Co. /zigman2/quotes/203865148/delayed CN:000839 +1.49%  — fell 2.7% and 2.2%, respectively, on worries that such deals could be stalled by stricter regulation.

“Recent official announcements show that the regulator will lean towards a more conservative stance,” said Zheng Chunming, an analyst at Capital Securities. “The market is expected to correct further.”

One bright spot for the region was the energy sector. Australian oil producers BHP Billiton /zigman2/quotes/201448516/delayed AU:BHP +1.31%    /zigman2/quotes/208108397/composite BHP -1.41%  and Woodside Petroleum /zigman2/quotes/203437212/delayed AU:WPL -0.33%  rose 0.2% and 2.4%, respectively, after U.S. oil prices rallied overnight to a fresh 2016 high.

In other markets, Philippine stocks sank /zigman2/quotes/210597949/delayed PH:PSEI -0.58%  , reducing the gain for the week to 4.7%. Stocks had surged earlier in the week after unofficial election results showed presidential candidate Rodrigo Duterte headed for victory. As expected, the Philippine central bank held its benchmark interest rate at 4%.

—Kosaku Narioka and Yifan Xie contributed to this article.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,360.30
+40.93 +0.18%
Volume: 0.00
Sept. 18, 2020 3:15p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,412.40
+6.23 +0.26%
Volume: 756,516
Sept. 18, 2020 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,864.50
-18.70 -0.32%
Volume: 1.51M
Sept. 18, 2020 5:05p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,455.41
+114.56 +0.47%
Volume: 2.30M
Sept. 18, 2020 4:09p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,338.09
+67.65 +2.07%
Volume: 25.63B
Sept. 18, 2020 3:01p
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/zigman2/quotes/203522406/delayed
JP : Japan: Tokyo
¥ 2,112.50
+6.00 +0.28%
Volume: 2.87M
Sept. 18, 2020 3:00p
P/E Ratio
20.65
Dividend Yield
2.65%
Market Cap
¥1619.90 billion
Rev. per Employee
¥95.93M
loading...
/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 384.10
+5.00 +1.32%
Volume: 18.72M
Sept. 18, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥1503.01 billion
Rev. per Employee
¥85.36M
loading...
/zigman2/quotes/202404490/delayed
JP : Japan: Tokyo
¥ 246.00
0.00 0.00%
Volume: 6.37M
Sept. 18, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥366.14 billion
Rev. per Employee
¥80.91M
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/zigman2/quotes/203864869/delayed
CN : China: Shenzhen
¥ 18.57
+0.13 +0.70%
Volume: 2.57M
Sept. 18, 2020 3:00p
P/E Ratio
17.81
Dividend Yield
0.54%
Market Cap
¥7.74 billion
Rev. per Employee
¥1.34M
loading...
/zigman2/quotes/203865148/delayed
CN : China: Shenzhen
¥ 2.73
+0.04 +1.49%
Volume: 23.28M
Sept. 18, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥10.70 billion
Rev. per Employee
¥243,265
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 37.80
+0.49 +1.31%
Volume: 14.65M
Sept. 18, 2020 4:10p
P/E Ratio
16.22
Dividend Yield
4.63%
Market Cap
$177.58 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 54.71
-0.78 -1.41%
Volume: 2.04M
Sept. 18, 2020 4:00p
P/E Ratio
17.44
Dividend Yield
4.39%
Market Cap
$129.75 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 18.28
-0.06 -0.33%
Volume: 6.75M
Sept. 18, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
6.06%
Market Cap
$17.52 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/210597949/delayed
PH : Philippine Stock Exchange
5,908.90
-34.62 -0.58%
Volume: 0.00
Sept. 18, 2020 12:50p
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